Articles keep telling me I need to do something about iXBRL by March 2011. I produce account in word and comps in excel. All my limited company clients are small so I dont want anything fancy or expensive!
Any ideas on what software providers provide a simple cheap program to do this. At the moment I press a pdf button and all is done immediately. I would like to have the same easy program but I suspect its not going to be like that.
Like An Easy Life Accountant
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VT Final Accounts
There are many, so some searching will need to be done.
But have a look at www.vtsoftware.co.uk. They seem to be popular amongst posters to this site and are quite reasonably priced - £199 for the first year, £150 in subsequent years. You get the bookkeeping program (VT Transaction+) which you may or may not want to use along with VT Final Accounts. The VT Final Accounts program allows you to print statutory accounts from a trial balance in iXBRL from December this year. Plenty of time to get some practise in before next March.
Have a look at the Digita Accounts Production and / or iXBRL Con
The Digita Accounts Production system will do the iXBRL conversion and produce compliant accounts for you in double quick time, and for a reasonable investment.
Digita also have a iXBRL Converter tool, which enable Word or Excel documents to be tagged for iXBRL.
Contact Digita on http://www.digita.com/pro/
Regards
Steve
Disclosure - we are Digita re-sellers.
I am the same as you
I too only deal with small companies and have about ten. I too have my own accounts production system which is made up from word merge/excel import and once I have my final TB off the client's accounting system, takes very little time to produce the final accounts and comps. Also I am very fussy about my presentation.
I have been working on this iXBRL issue since last November and tried pretty much everything and have found all the systems I've tried take far longer than my own system and the presentation is dreadful - yes, they can be exported into word and reformatted, but that is yet more time.
Initially I tried HMRC's system and found it slow and also didn't allow for such items as exchange gains. Of course these can be amalgamated into another expense accounts, but I was worried about the true and fair view. But having met with HMRC I have discovered we can attach a pdf to their iXBRL accounts, which means I can attach an explanatory note. Also their system has been improved beyond all expectations.
So the last set of accounts I processed, I completed my own as usual and then downloaded HMRC's version and completed this. From this I produced the Abbreviated Accounts and Full Accounts, Corporation Tax Return and Computation - it took me about half an hour max. So I sent my client my nicely bound accounts for his use, and the HMRC's versions for signing and returning, whereupon I will submit online.
So has proved to be the most cost and time effective way of solving the problem for both myself and my clients, so I am going to stick with this.
Looked at TaxCalc yet?
TaxCalc does computations for CT600's in iXBRL format and they also have an iXBRL conversion system for accounts prepared in Excel.
iXBRL accounts
i also produce my accounts using excel and word and i can produce them quite quickly. i have looked at digita, which is similar in price to vtsoftware, and it looks to me as though it would take a lot of extra time to produce accounts using this. also the accounts would look like their style, not like my style, and i didn't like the look of their's.
i have tried using the hmrc website and it is not without problems, of course. but it does the job, costs nothing and the extra time spent copying the data into their templates is perhaps similar to the extra time using digita. i have submitted 3 sets of accounts and computations this way and i have got it down to about 1 hour. i'm not happy with the whole ixbrl setup, but i guess i can live with this.
david
IXBRL and Comprehensive Accounts
May I suggest that you checkout Comprehensive Accounts at
www.comprehensivesoftware.co.uk
This is the joint ICPA/ Diamond Discovery solution to the IXBRL conundrum which costs just
£100 for 50 Limited Company filings and only £150 for unlimited filings.
Driven by the ICPA members concerns on this issue we together have developed this package
which we feel represents tremendous value for money.
You can read about the software in "Taxation" magazine's IXBRL supplement issued this month.
If anyone wishes to contact me feel free to call on 0800-074-2896.
Tony Margaritelli - Chair ICPA